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A well-known jewellery retailer has announced major managerial hierarchy and store cutbacks after profits plummeted. Jewellery group Michael Hill blamed tough retail conditions and 'aggressive' competitor behaviour on its shock decision to axe senior managers and close six stores in its latest trading update released on Friday. This is despite a 4. Five under-performing Michael Hill stores have shut down in Australia in the last six months, along with another in Canada.
Jewellery group Michael Hill has closed five stores in Australia and slashed a 'number' of senior management roles after profits for the first half of plummeted. A 'number' of senior management roles were slashed to reduce operating costs. The jewellery retailer was founded in New Zealand 45 years ago by Michael Hill pictured with his daughter Emma.
Declining consumer demand and the soaring costs of gold and diamonds were also factors. Eight years later, the company was listed on the New Zealand stock exchange and expanded its footprint to Australia. Founder Michael Hill stepped down as company chairman in late to make way for daughter Emma. Waning consumer demand and the soaring costs of gold and diamonds have contributed to the jewellery retailer's declining profits.
An additional four Bevilles stores have since opened. The Michael Hill group recently launched its high-end jewellery brand TenSevenSeven online with the first store due to open in the coming months.